"We focused a lot on selective loan growth, especially to SMEs and also made a big push to increase selling of products to existing clients," says Robert Moreno, manager of the banks investor relations and strategy.
Fitch upgraded the bank in October to AA- (stable) from A+ to reflect potential support from the Spanish parent given the Chilean units strategic importance. The agency notes Santanders leading market share in Chile and a track record of strong profitability, healthy asset quality and good capital adequacy.
Santander Chile says it has a 20% market share of loans, an equivalent to $27 billion. It also says it has 34% of retail online banking, equivalent to 37